Bitcoin price analysis: BTC/USD bullish above $7,400, Charlie Lee says, “Own a Bitcoin before buying altcoins”

  • Bitcoin price is currently exchanging above $7,400 and is aiming for $7,500 in the short-term.
  • A support above $7,400 is essential to prevent declines into the $7,300 range.

Bitcoin spiked again before the close of the session yesterday. Similarly, as covered in the Bitcoin price analysis yesterday, a consolidation above $6,700 paved the way for another upside movement that broke above the critical resistance at $6,800 as well as long-term key resistance at $7,000. Moreover, the inverse head-and-shoulders pattern resulted in the bullish movement.

The sharp ascent retraced steps above $7,300 but lost steam short of $7,400. BTC/USD reacted with lower corrections but the Bulls stood their ground and the declines were stopped marginally above $7,300. Furthermore, after kicking off the trading today at approximately $7,314, the price recoiled even higher breaking above $7,500 during the Asian trading hours. Another downside correction occurred but found a support above $7,330.

Bitcoin price is currently exchanging above $7,400 and is aiming for $7,500 in the short-term. The stochastic RSI on the 1-hour timeframe chart is heading north but still at 50%. In the short-term, $7,600 is within reach, but first, the price must find a support above $7,500 and possibly consolidate gains above this level. In the meantime, a support above $7,400 is essential to prevent declines into the $7,300 range.

To sum it up, the trend is strongly bullish at the time of press, but it important that a support is established above $7,400.

In other news, Litecoin founder Charlie Lee has advised investors and cryptocurrency enthusiasts to first by at least one Bitcoin before diving in to purchase altcoins. Lee wrote this on his Twitter account and the message reads:

“There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. Once you have 1 BTC, buy all the s***coins you want!”

BTC/USD 15-minutes chart



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

XRP drops below $0.3000, ETH at risk of an extended correction

BTC/USD hit the intraday low at $11,086 during early Asian hours and recovered to $11,226 by press time. The first digital coin has stayed mostly unchanged on a day-to-day basis and since the beginning of the day, moving within a short-term bullish trend amid shrinking volatility.

More Bitcoin News

XRP/USD under $0.3000 after Ripple announces the investment in XRPL Lab

Ripple's XRP dropped below $0.30 after a failed attempt to settle above $0.3200 during early Asian hours. The coin has lost over 4% in the recent 24 hours and stayed mostly unchanged since the beginning of the day. 

More Ripple News

Leading blockchain auditing firm predicts Cardano will outperform Tezos

ADA/USD bulls remained in control for the third straight day and the price is consolidating in a pennant formation. It’s current priced at $0.1443. The Elliott Oscillator has had seven straight red sessions.

More Cardano News

Altcoin Market Update: ETC and XLM face continual bearish correction

ETC/USD bears stayed in control for the fourth straight day. ETC/USD is currently priced at $7.13. The sellers are looking to get the price below the $7-level.The RSI is trending horizontally around 59.46.

More Cryptocurrencies News


Bitcoin Weekly Forecast: Fasten your seatbelts, next stop is $12,000

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

Read the weekly forecast